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How to Teach Your Children to Save Money (Part 2)

September 19, 2012 by Lisa Park + Leave a Comment

If you missed last week’s post about How to Teach Your Children to Save, it focuses on saving ideas for younger children. As your children grow, here are a few more ideas to teach them about saving.

1. Help Your Child Prioritize
Have an older child write out a list of things he or she wants and prioritize that list. This includes long-term items such as laptop for college, a graduation trip, or even the down payment for a house someday. Have your child allocate an amount of their income to each goal. These are the beginnings of a financial plan and this type of thinking will help your child in the long run.

2. Allow Your Child Make Mistakes
Sometimes the best lesson comes from a poor decision, especially when your child is young and the financial loss won’t be so great. For instance, there may be a time when your child takes her money and spends it all on one item only to realize she doesn’t have enough money for something else she wants or needs. After doing this, she will begin to learn that she needs to think first before she spends.

3. Play Games
There are a number of games available to teach financial concepts to children. Monopoly and The Game of Life, for example, can teach money management skills as well as the importance of planning ahead.

4. Talk About Money
While you may not want to discuss your salary in front of your children, you may want to let them hear you discuss your financial plan and the arrangements you’re making for retirement. This could simply be having a conversation with your spouse while your children are in the room. Hearing this allows your children to understand that saving is a lifelong endeavor.

5. Look for Good Deals with Your Children
One of the keys to saving money is looking for deals on purchases. If you find an item at the store, suggest looking online to compare prices first before buying it. This can be an enjoyable game to see if they can find it for less expensive. It will also teach them to think before buying and not to buy something impulsively.

6. Point Out the Positive
Praise your children for any amount of money they save. And continue to encourage your child to keep saving even if he or she is wasteful with money.

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Hello, I'm Lisa

I enjoy teaching people how to live frugally so they can live within their means while still enjoying and doing the things in life that matter most to them. I'm here sharing tips about budgeting, saving money, meal planning, simple recipes, and more.

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The cost to purchase Christmas gifts for kids can The cost to purchase Christmas gifts for kids can add up fast. Try this tip and give each child 4 gifts. #christmaspurchases #christmasgift #christmasgifts #giftideas #gifts #gift #giftidea
Here is one tip to budget for Christmas. Give chil Here is one tip to budget for Christmas. Give children gifts based on age. Because older children tend to want more expensive gifts than the younger siblings, try this budgeting method to determine how much to spend on each child.  First: Add together the ages of your kids.  Johnny, 5; Sally, 7; Joe, 12 = 24  Second: Divide the Christmas budget total for the kids by the sum of their ages. Let's say the Christmas budget is $500.  $500/24 = $20.83  I rounded it to $21 to make it easier to calculate   Third:Take the number from above and multiply each child's age.  $21 x 5 = $105
$21 x 7 = $147
$21 x 12 = $252  You would spend the amount of money above on each child for Christmas. What tips do you have to budget for Christmas? #christmasbudget #christmaspurchases #christmasspending
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This Pumpkin Pie Sheet Cake is delicious! And it's This Pumpkin Pie Sheet Cake is delicious! And it's an easy dessert to take to a family or friend holiday party. My family loves to make this every year. It tastes just like eating a slice of pumpkin pie. So good! Message me for the recipe.
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This apple crisp recipe is a family-favorite desse This apple crisp recipe is a family-favorite dessert that I make during the fall months. We were given some apples from a friend's tree, so I'll be making an apple crisp this week. So yummy! Message me for the recipe.  #apple #apples #appledessert #appledesserts #applecrisp #applecrisprecipe #applerecipes #applerecipe
The cost to purchase Christmas gifts for kids can The cost to purchase Christmas gifts for kids can add up fast. Try this tip and give each child 4 gifts. #christmaspurchases #christmasgift #christmasgifts #giftideas #gifts #gift #giftidea
Here is one tip to budget for Christmas. Give chil Here is one tip to budget for Christmas. Give children gifts based on age. Because older children tend to want more expensive gifts than the younger siblings, try this budgeting method to determine how much to spend on each child.  First: Add together the ages of your kids.  Johnny, 5; Sally, 7; Joe, 12 = 24  Second: Divide the Christmas budget total for the kids by the sum of their ages. Let's say the Christmas budget is $500.  $500/24 = $20.83  I rounded it to $21 to make it easier to calculate   Third:Take the number from above and multiply each child's age.  $21 x 5 = $105
$21 x 7 = $147
$21 x 12 = $252  You would spend the amount of money above on each child for Christmas. What tips do you have to budget for Christmas? #christmasbudget #christmaspurchases #christmasspending
I enjoy making soup in the fall and winter when it I enjoy making soup in the fall and winter when it's cold outside. One of our favorite soup recipes is this Lasagna Soup. It is delicious! If you want this recipe and my family's 11 other favorite soup recipes, message me, and I'll send you the link to the recipes.
This Pumpkin Pie Sheet Cake is delicious! And it's This Pumpkin Pie Sheet Cake is delicious! And it's an easy dessert to take to a family or friend holiday party. My family loves to make this every year. It tastes just like eating a slice of pumpkin pie. So good! Message me for the recipe.
If you need a snack or appetizer to take to a holi If you need a snack or appetizer to take to a holiday party, this Toffee Cream Cheese Apple Dip is so delicious and easy to make. Message me for the recipe.  #apples #apple #toffee #toffeedip #creamcheesedip #creamcheese #toffeecreamcheese #toffeebits #appetizer #appetizerideas
This apple crisp recipe is a family-favorite desse This apple crisp recipe is a family-favorite dessert that I make during the fall months. We were given some apples from a friend's tree, so I'll be making an apple crisp this week. So yummy! Message me for the recipe.  #apple #apples #appledessert #appledesserts #applecrisp #applecrisprecipe #applerecipes #applerecipe
The cost to purchase Christmas gifts for kids can The cost to purchase Christmas gifts for kids can add up fast. Try this tip and give each child 4 gifts. #christmaspurchases #christmasgift #christmasgifts #giftideas #gifts #gift #giftidea
Here is one tip to budget for Christmas. Give chil Here is one tip to budget for Christmas. Give children gifts based on age. Because older children tend to want more expensive gifts than the younger siblings, try this budgeting method to determine how much to spend on each child.  First: Add together the ages of your kids.  Johnny, 5; Sally, 7; Joe, 12 = 24  Second: Divide the Christmas budget total for the kids by the sum of their ages. Let's say the Christmas budget is $500.  $500/24 = $20.83  I rounded it to $21 to make it easier to calculate   Third:Take the number from above and multiply each child's age.  $21 x 5 = $105
$21 x 7 = $147
$21 x 12 = $252  You would spend the amount of money above on each child for Christmas. What tips do you have to budget for Christmas? #christmasbudget #christmaspurchases #christmasspending
I enjoy making soup in the fall and winter when it I enjoy making soup in the fall and winter when it's cold outside. One of our favorite soup recipes is this Lasagna Soup. It is delicious! If you want this recipe and my family's 11 other favorite soup recipes, message me, and I'll send you the link to the recipes.
This Pumpkin Pie Sheet Cake is delicious! And it's This Pumpkin Pie Sheet Cake is delicious! And it's an easy dessert to take to a family or friend holiday party. My family loves to make this every year. It tastes just like eating a slice of pumpkin pie. So good! Message me for the recipe.
If you need a snack or appetizer to take to a holi If you need a snack or appetizer to take to a holiday party, this Toffee Cream Cheese Apple Dip is so delicious and easy to make. Message me for the recipe.  #apples #apple #toffee #toffeedip #creamcheesedip #creamcheese #toffeecreamcheese #toffeebits #appetizer #appetizerideas
This apple crisp recipe is a family-favorite desse This apple crisp recipe is a family-favorite dessert that I make during the fall months. We were given some apples from a friend's tree, so I'll be making an apple crisp this week. So yummy! Message me for the recipe.  #apple #apples #appledessert #appledesserts #applecrisp #applecrisprecipe #applerecipes #applerecipe

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